MoloFinance, a London-based fintech that is developing a "fully digital" mortgage solution, has closed £3.7 million in seed funding. The round is led by Ubon Partners, a Nordic fund specialised in financial services, and will be used to launch the company’s first product release later this summer.

Initially targeting ‘Buy to Let’ mortgages — i.e. people looking to buy property as an investment — while the company works through its regulatory approval process with the FCA, MoloFinance wants to offer an end-to-end mortgage process that is entirely digital and with the ability to give a near-instant decision.

The idea, says the startup, is to provide a frictionless experience for the customer whilst helping to eliminate any unnecessary costs related to the current process. Once FCA approved, MoloFinance plans to begin offering residential mortgages, too.